Marketplace investing platform Income& has announced a $2.9 million raise.
Investors include early-stage VC firm iSeed Ventures and former Charles Schwab Executive Committee member Jeffrey Lyons.
Income& also introduced PRIMO, a low-risk, high-yield fixed income product backed by prime-rated mortgages. Investors will be able to customize a portfolio of PRIMOs, which will provide yields of up to 7.5 percent.
Income& CEO Brad Walker explained why the company was founded.
“We founded Income& to solve two problems: the lack of investments for baby boomers to support a comfortable retirement, and the absence of transparency in the mortgage market which in part led to the ‘Great Recession’. Ten thousand baby boomers turn 65 every day, which means 76 million Americans with trillions in assets are desperate for the safety of a low-risk, fixed-income product with superior returns.”
“Income& works with established, name-brand mortgage lenders to onboard high-yield, safe, prime-rated loans to the PRIMO™ marketplace, which are further reviewed and rated for an added measure of clarity.”
Mr. Walker was the Director of Institutional Product and Strategy for PENSCO Trust Company.
Other founders include President and CFO Benjamin Strub, who has held executive positions in finance, treasury, operations and risk management at public and private financial services companies; CTO Vincent Phillips, who built the world’s first web trading system for Charles Schwab and pioneered groundbreaking platforms at multiple FinTech companies; and CMO Keith Meyer, who served in senior roles at Schwab and Visa before serving as the Head of Marketing at Prosper, America’s first peer-to-peer lending marketplace.